TEXT-Fitch:No immediate rtg impact on Michelin from Hankook sale

Newswire

(The following statement was released by the rating agency) Nov 09- Fitch Ratings says that Michelin's planned disposal of its 9.98% stake in Korea's leading tyre manufacturer, Hankook Tire , has no immediate impact on Michelin's rating ('BBB'/Positive). From a financial perspective, the impact of the Hankook sale on Michelin's leverage metrics will be moderate in view of the group's net debt of EUR2.5bn at end-2010. Fitch expects the disposal proceeds to amount to EUR425m, if the entire ...

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